W. R. Berkley Corporation has sold its real estate investment at 1101 New York Avenue NW in Washington, D.C.
The company expects to report a realized pre-tax gain of approximately $120 million on the sale in the third quarter of 2017, which is in addition to approximately $22 million in pre-tax earnings related to the property in prior years.
The sale is in keeping with the company’s long-term strategy of investing for total return in order to continue delivering long-term value creation to shareholders despite a low interest rate environment.
Celebrating 50 years, W. R. Berkley Corporation is a Greenwich, Conn.-based insurance holding company that operates worldwide in two segments of the property casualty business: insurance and reinsurance.
Source: W.R. Berkley Corporation
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